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E/11.5 Industry sponsored prize, bursary and scholarship endowments |
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11.5.1 Description
11.5.1 DescriptionWhere a donor wishes to establish a prize, bursary or scholarship in perpetuity, an endowment is created. The minimum amount required to establish an endowment is calculated based on the annual value of the prize, bursary or scholarship using an average interest rate of 5%. The annual disbursements are made from the interest earned on the funds. For example, if a donor would like to provide a $7,500 scholarship each year, the capital required to establish the endowment would be $150,000 (0.05 x $150,000 = $7,500). When an endowment is established, there may be an opportunity to secure matching funding from the University. 11.5.2 ProcedureThe recipients of prizes, bursaries and scholarships provided from endowment funds are selected in accordance with the selection procedures below. Prizes and awards are normally presented to students who demonstrate outstanding academic achievement in a nominated subject or course. Other appropriate criteria may be negotiated, where appropriate. For bursaries , students are normally selected based on a written application addressing specific selection criteria agreed to by the donor and QUT. No interview takes place. Applications are normally assessed by the relevant faculty representatives and the donor is notified of the bursary recipient. For scholarships , selection of the recipient usually takes place in Semester 2 for the following academic year. The donor organisation and/or QUT will shortlist applicants based on specific selection criteria (eg GPA, personal achievements, leadership) and both the donor and QUT will interview the shortlisted students to select the scholarship recipient. The selection panel normally comprises one representative from the donor organisation and one representative from QUT. To establish a prize, bursary or scholarship endowment, QUT requires an ongoing commitment from the donor. Once an endowment is established, the prize, bursary or scholarship will be offered in perpetuity. A Memorandum of Understanding (MOU) defining the criteria of the award is to be developed and signed by a representative of the donor organisation and the relevant QUT faculty. Faculties may organise their own presentation ceremonies to present endowed prizes, bursaries and scholarships. A representative of the organisation will usually be invited to present the scholarship to the student. Donors may also choose to award the student at their own function. 11.5.3 Donor recognitionDonors are recognised when students are presented with their award at faculty ceremonies or scholarship presentations. Details of prizes, bursaries and scholarships received by a student are usually included in their academic record. The benefits donors receive depend on their level of support. Refer to E/11.1.3 , E/11.2.3 and E/11.3.3 for details of donor recognition. 11.5.4 Roles and responsibilitiesThe Development Office is responsible for the soliciting and establishment of prize, bursary and scholarship endowments and approaches to potential donors in conjunction with faculties. The Development Office coordinates all solicitation of prize, bursary and scholarship endowments and must be informed and involved in the establishment of any new prize, bursary or scholarship endowments. Prizes, bursaries and scholarships disbursed from endowments are administered by the faculties and the faculties are responsible for coordinating payment to recipients. The Development Office is responsible for invoicing and receipting donors. For scholarship endowments, the Development Officer (Scholarships) will coordinate regular contact and accountability between QUT and the donor, ensuring regular reporting and updating between both organisations. Modification History
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